Underdog launched just over two years ago and has grown into a major competitor in fantasy sports, with its platform available in every U.S. state but nine and in Canada. The company runs large-scale contests, including a $10 million season-long NFL Best Ball tournament that it promoted as the largest season-long fantasy prize pool ever. Underdog reports strong user acquisition and retention metrics cited by investors, and Acies Investment highlighted its low customer acquisition cost versus typical sportsbooks. The company is preparing to expand into regulated online sports betting, securing a market-access partnership with the Cincinnati Reds for an anticipated Ohio launch on January 1, 2023 pending licensing, and plans to enter Colorado thereafter. Headcount stood at about 165 at the time of the round, with plans to hire roughly 100 more employees to support its expansion.

Total raised

$115M

Funding rounds

3

Latest round

Series C

Latest activity

Mar 2025